October 5 2022, is this a deadline for UK tax returns? What should I do if I miss it?

According to HMRC guidelines, if you have income for the 2021-22 tax year for which a tax return is required, you need to notify HMRC by 5 October this year to ensure that HMRC can send you a tax return in time. But what happens if you are unaware of this requirement/fail to notify HMRC by today?

For example, if you entered the UK in mid-2021 and have since been assisting a Hong Kong company with its business and therefore earned income, then it is likely that you will need to report your income for 2021-22 and notify HMRC by 5 October. In theory, then, HMRC could levy a penalty for "potential lost revenue" if you failed to notify them by the date. However, in practice, as long as you complete your paper return by the statutory deadline of 31 October this year, or your online return and pay tax by 31 January 2023, then HMRC will not have lost any tax and therefore no penalty will be levied.

So, if you think you need to file a tax return but have not yet notified HMRC, it is important that you complete your notification and tax return as soon as possible to avoid being charged a penalty.

Apex Consultancy offers a one-stop tax filing service, from registering your Unique Taxpayer Reference to completing your tax return, so you don't have to worry about what's really important to you. Please feel free to contact us if you need any assistance.